0
no you dont. the bank takes into consideration that there is no longer a house standing and excuses from the mortage providing you have good credit.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What are the qualifications for getting a mortgage on a house?
Good credit and some money to put down is really helpful. Think about having 20% of the price of the house on hand to put down. If you don't, then you will probably have a 1st and 2nd mortgage right off the bat (you can refinance later into one big mortgage).
Don't Buy Until You Have a 25% Down Payment?
When you are interested in buying a new house, if you are like most people, you will need to take out a mortgage. What people may not be aware of is that with a conventional mortgage if you don't put down at least 20% of the cost of the house, you will have to pay for expensive mortgage insurance. To avoid paying this insurance, you should not consider buying a house until you are sure you can come up with at least a 25% down payment. Not only will you avoid mortgage insurance, but, you'll probably get a better deal on the mortgage.
Why should a person choose adjustable rate mortgage when buying a house?
One who chooses adjustable rate mortgage when buying a house considers the salary changes, the interest up or down and other factors.
Why does your mortgage require homeowners insurance when your house burned down?
Additional damage can occur unless the house is undeniably completely lost.
What would be considered an average mortgage payment?
There is no such thing as an average mortgage payment. This is down to the fact that house prices vary nationwide, interest rates vary and the length, or term, of a mortgage will also vary.
You got divorced and left the ex stay in the house with your name still on the mortgage she abandoned the house and quit paying the mortgage can you legally move back into the house?
if the mortgage is in your name then keep paying it off. if the mortgage is in both names of you and your ex then contact the finantial institution for advise so you dont have trouble later down the track with your ex claiming half when the house is paid off.
When does Sykes leave the house?
when it burns down
Can you buy a house and not want insurance?
Yes. If you pay cash for your house then you do not have to buy insurance. The only time you have to buy insurance on a house is if you take out a mortgage, the lender will probably require you to have insurance. That is in case the place burns down, it protects the banks collateral.
What might if your house burns down?
you will be unlucky write that in...
How can a house burn up when it burns down?
it cant
Does a house burn up or down?
A house burns up (heat rises) but they say it burns down. A figure of speech.
What might you do if your house burns down?
You might rebuild or buy a new house
What happens if house burns down?
Well it burns, and then falls down. So people stop living in said house become orphans catch rare diseases and die.
What is the word when someone burns down a house on purpose?
Arson
Whose house burns down?
Miss Maudie Atkinson
How does no homeowner's insurance affect mortgage?
Generally: First, failure to carry homeowner's insurance is likely a breach of the mortgage. If the lender discovers your property is uninsured it can call in the full amount of the loan immediately. If you can't pay it, the lender may be able to take possession of the property by foreclosure. Second, if your house burns down you will not have coverage for the damage and will still owe the full amount of the mortgage. The lender may also sue for breach of contract and place you deeper in debt.
If you have a lien on your home and you lose your home do you still have to pay?
Yes. The lien is simply a method by which a debt is secured. If the lien is on the house and the house is lost, the only thing the creditor loses is the security for the debt. The debt remains payable. If a person buys a house and borrows $100,000 to help pay for it, that person signs a promissory note to establish the debt and signs a mortgage to establish the bank's lien on the house as security for the debt. If the house burns down and there is no fire insurance, the bank has lost the security for the debt but it has not lost the debt. The mortgage (security) is useless because there is no house, but the promissory note (debt) remains in effect.
